SAN ANTONIO, May 29, 2014 /CNW/ - XPEL Technologies Corp. (TSXV: DAP.U) today announced results for the three months ended March 31, 2014 as compared to the three months ended March 31, 2013.
Mr. Ryan Pape, President and Chief Executive Officer of the Corporation, said, "We are pleased to have continued our aggressive revenue growth from 2013 into the first quarter of 2014. We experienced growth across all revenue categories, including our paint protection film, Design Access Program software and product installation businesses, both domestically and internationally."
For the Quarter Ended March 31, 2014:
Revenues. Revenues increased 67% to $5,271,873 from $3,156,582 in Q1 2013.
Direct Costs. Direct Costs of sales remained unchanged a percentage of revenue at 66%.
Expenses. General and administrative expenses increased 73% to $1,133,173 in Q1 2014 from $656,734 in Q1 2013.
Net earnings. The Company had net income before taxes of $644,285 in Q1 2014 as compared to net income before taxes of $400,323 in Q1 2013. The Company had net income of $459,285 in Q1 2014 as compared to net income of $262,323 in Q1 2013.
Complete financials are available at http://www.xpel.com/relations/.
About XPEL Technologies Corp:
XPEL is the leading supplier of automotive paint and headlamp protection films with over 70,000 vehicle-specific applications and a worldwide network of trained installers. Additional information can be found on the Company's website at www.xpel.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Chief Executive Officer
XPEL Technologies Corp.
SOURCE: XPEL Technologies Corp.
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